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        <name>ING Groep N.V.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB (publ)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boston Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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        <name>Keurig Dr Pepper Inc</name>
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        <cusip>49271KE75</cusip>
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          <isin value="US49271KE753"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-07</maturityDt>
          <couponKind>None</couponKind>
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        <name>Marriott International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>Mid-America Apartments, L.P.</name>
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        <cusip>59524PD20</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
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        <title>Penske Truck Leasing Co LP / PTL Finance Corp. 0% CP 28/04/2026</title>
        <cusip>70962BDU5</cusip>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <title>ANZ Group Holdings Ltd. NPV</title>
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        <name>COOPERATIEVE RABOBANK UA NEW YORK BRANCH</name>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 3 10/29/28</title>
        <cusip>00774MAW5</cusip>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cno Global Funding</name>
        <lei>6354008GTNR4833ULD48</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK 5.52 01/13/28</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Intercontinental Exchange Inc</name>
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        <name>AbbVie Inc.</name>
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        <name>Owens Corning</name>
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        <name>Commonwealth Bank of Australia</name>
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        <invCountry>AU</invCountry>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>DE F 03/09/29 I</title>
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        <valUSD>453979.95000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-09</maturityDt>
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        <name>Mercedes-Benz Finance North America LLC</name>
        <lei>549300423Z16BB673J12</lei>
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        <valUSD>230033.99000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-10</maturityDt>
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        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
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          <isin value="US45856XD792"/>
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        <balance>350000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
          <couponKind>None</couponKind>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.68500000</annualizedRt>
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      <invstOrSec>
        <name>CREDIT AGRICOLE SA</name>
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        <title>ACAFP V4.631 09/11/28 144A</title>
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          <isin value="US22535WAL19"/>
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        <curCd>USD</curCd>
        <valUSD>989929.39000000</valUSD>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63100000</annualizedRt>
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        <name>Met Tower Global Funding</name>
        <lei>635400OFJCY9IOGBGY57</lei>
        <title>MET 4 10/01/27 144A</title>
        <cusip>58989V2J2</cusip>
        <identifiers>
          <isin value="US58989V2J25"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179257.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 2.25 06/15/26</title>
        <cusip>097023BR5</cusip>
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          <isin value="US097023BR56"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199067.28000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>SANTAN F 07/15/28</title>
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        <identifiers>
          <isin value="US05964HBE45"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401715.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>American Honda Finance Corporation</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>HNDA F 08/13/27 GMTN</title>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>369727.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38000120</annualizedRt>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN 5.25 02/19/27 144a</title>
        <cusip>83368RBZ4</cusip>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>930906.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Deutsche Bank AG New York Branch</name>
        <lei>N/A</lei>
        <title>DB V2.552 01/07/28</title>
        <cusip>25160PAH0</cusip>
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          <isin value="US25160PAH01"/>
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        <balance>600000.00000000</balance>
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        <valUSD>590737.98000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Hyundai Capital America</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NATIONAL AUSTRALIA BANK LTD NEW YORK BRANCH</name>
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        <title>NAB 3.85 12/13/28</title>
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        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA V4.15 11/18/27 MTN</title>
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        <name>O'Reilly Automotive Inc.</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>O'Reilly Automotive Inc. 0% CP 15/04/2026</title>
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        <name>Nutrien Ltd</name>
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        <title>Nutrien Ltd 0% CP 07/04/2026</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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          <couponKind>None</couponKind>
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        <name>INTESA SANPAOLO SPA NEW YORK BRANCH</name>
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        <title>Intesa Sanpaolo S.p.A. 4.05% CP 14/01/2027</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 4.125 02/28/29</title>
        <cusip>00774MBT1</cusip>
        <identifiers>
          <isin value="US00774MBT18"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>305951.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS F 09/15/28 I</title>
        <cusip>06418GAT4</cusip>
        <identifiers>
          <isin value="US06418GAT40"/>
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        <balance>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>410080.06000000</valUSD>
        <pctVal>0.176379956709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.42653120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chevron USA Inc</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
        <title>CVX F 02/26/28</title>
        <cusip>166756BC9</cusip>
        <identifiers>
          <isin value="US166756BC91"/>
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        <balance>185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>185176.60000000</valUSD>
        <pctVal>0.079646498031</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15578960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE 4.875 06/01/28</title>
        <cusip>233331BJ5</cusip>
        <identifiers>
          <isin value="US233331BJ54"/>
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        <balance>160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161470.03000000</valUSD>
        <pctVal>0.069450040807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc. 0% CP 01/04/2026</title>
        <cusip>05348BD10</cusip>
        <identifiers>
          <isin value="US05348BD109"/>
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        <balance>490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>489946.30000000</valUSD>
        <pctVal>0.210731307403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>ACAFP F 09/11/28 144A</title>
        <cusip>22535WAM9</cusip>
        <identifiers>
          <isin value="US22535WAM91"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502300.51000000</valUSD>
        <pctVal>0.216044989382</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>INTNED F 03/25/29</title>
        <cusip>456837BP7</cusip>
        <identifiers>
          <isin value="US456837BP78"/>
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        <balance>775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>777307.48000000</valUSD>
        <pctVal>0.334328520318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64008000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>NWIDE F 07/14/29 144A</title>
        <cusip>63861VAL1</cusip>
        <identifiers>
          <isin value="US63861VAL18"/>
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        <balance>366000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>367083.81000000</valUSD>
        <pctVal>0.157886795364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.72587840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington National Bank Maryland</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>HBAN V4.871 04/12/28</title>
        <cusip>44644MAK7</cusip>
        <identifiers>
          <isin value="US44644MAK71"/>
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        <balance>505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506805.62000000</valUSD>
        <pctVal>0.217982686882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Daimler Trucks Finance North America LLC</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DTRGR 5 01/15/27 144A</title>
        <cusip>233853AV2</cusip>
        <identifiers>
          <isin value="US233853AV24"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502624.50000000</valUSD>
        <pctVal>0.216184341055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Agree LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>Agree LP 0% CP 01/04/2026</title>
        <cusip>00852XD11</cusip>
        <identifiers>
          <isin value="US00852XD117"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999885.00000000</valUSD>
        <pctVal>0.430061566549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HBAN V4.443 08/04/28</title>
        <cusip>446150BB9</cusip>
        <identifiers>
          <isin value="US446150BB90"/>
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        <balance>102000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101948.50000000</valUSD>
        <pctVal>0.043849174272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.44300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NAB F 03/06/28 144A</title>
        <cusip>632525CG4</cusip>
        <identifiers>
          <isin value="US632525CG48"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250028.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP 0% CP 01/04/2026</title>
        <cusip>29277FD16</cusip>
        <identifiers>
          <isin value="US29277FD160"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1999778.20000000</valUSD>
        <pctVal>0.860126660008</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>VW 4.9 08/14/26 144A</title>
        <cusip>928668CK6</cusip>
        <identifiers>
          <isin value="US928668CK66"/>
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        <balance>990000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>991591.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Public Storage Operating Co.</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PSA F 04/16/27</title>
        <cusip>74464AAA9</cusip>
        <identifiers>
          <isin value="US74464AAA97"/>
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        <balance>790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>791355.09000000</valUSD>
        <pctVal>0.340370552315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33008000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>T 3.8 02/15/27</title>
        <cusip>00206RHW5</cusip>
        <identifiers>
          <isin value="US00206RHW51"/>
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        <balance>342000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>341158.96000000</valUSD>
        <pctVal>0.146736231446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>Mizuho Markets Cayman LP</name>
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        <name>Bank of America Corp.</name>
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        <name>Amphenol Corporation</name>
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        <name>GE Healthcare Technologies Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-19</maturityDt>
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        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <cusip>025816EQ8</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-02-09</maturityDt>
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        <name>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
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          <couponKind>Fixed</couponKind>
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        <name>Mitsubishi UFJ Financial Group Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MUFG V4.08 04/19/28</title>
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        <invCountry>JP</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>UniCredit S.p.A.</name>
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        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
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        <name>Daimler Trucks Finance North America LLC</name>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <name>O'Reilly Automotive Inc.</name>
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        <name>Corebridge Global Funding</name>
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        <title>CRBG F 09/25/26 144A</title>
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        <name>Glencore Funding LLC</name>
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        <title>GLENLN F 10/01/26 144A</title>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
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        <name>Bank of America Corp.</name>
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        <name>National Bank of Canada</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Royal Bank of Canada</name>
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        <name>Met Tower Global Funding</name>
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        <name>PNC Bank National Association Pittsburgh Pennsylvania</name>
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        <name>AbbVie Inc.</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>Georgia Power Company</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Principal Life Global Funding II</name>
        <lei>635400WSLKBQWSOIIT41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Target Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK F 06/09/28</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-09</maturityDt>
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        <name>Siemens Funding BV</name>
        <lei>213800CCRGH2TO338X64</lei>
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        <cusip>82622RAB2</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-26</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR 4.85 03/25/27 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ovintiv Inc</name>
        <lei>2549003MEX7YMKLGI239</lei>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander UK Group Holdings PLC</name>
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        <title>SANUK V6.534 01/10/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Eaton Corp.</name>
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        <name>General Motors Financial Company Inc</name>
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        <title>GM 5.4 04/06/26</title>
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        <name>The Kroger Co.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Boeing Co.</name>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <invCountry>FR</invCountry>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.375 02/29/28</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Marriott International, Inc.</name>
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      <invstOrSec>
        <name>Paypal Holdings Inc.</name>
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        <name>Simon Property Group LP</name>
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        <name>CVS Health Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Fifth Third Bancorp</name>
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        <balance>959000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Hyundai Capital America</name>
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          <maturityDt>2027-03-19</maturityDt>
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        <name>Citigroup Inc.</name>
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        <title>C F 06/09/27</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-09</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Fifth Third Bank National Association Cincinnati Ohio</name>
        <lei>QFROUN1UWUYU0DVIWD51</lei>
        <title>FITB F 01/28/28</title>
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        <name>Royal Bank of Canada</name>
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        <name>Macquarie Bank Ltd.</name>
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        <title>MQGAU F 06/12/28 144A</title>
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        <invCountry>AU</invCountry>
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        <name>ERAC USA Finance LLC</name>
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        <name>UDR Inc</name>
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        <name>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd. 0% CP 06/04/2026</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
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        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>HD 3.75 09/15/28</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Macquarie Group Ltd.</name>
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        <name>BANK OF NEW YORK MELLON (THE)</name>
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        <name>U.S. Bank National Association</name>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-16</maturityDt>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS V4.818 06/13/29</title>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITR 3.95 03/05/29 144A</title>
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        <invCountry>JP</invCountry>
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        <name>Hyundai Capital America</name>
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        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 3.1 05/01/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Caribbean Group</name>
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        <name>COOPERATIEVE RABOBANK UA NEW YORK BRANCH</name>
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        <name>Novartis Capital Corporation</name>
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        <name>Extra Space Storage LP</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>Bank of Nova Scotia</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Bank of Nova Scotia</name>
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      <invstOrSec>
        <name>State Street Corp.</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2027-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Netflix, Inc.</name>
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        <title>NFLX 5.875 11/15/28</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>None</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK 4.108 01/15/29</title>
        <cusip>86562MEJ5</cusip>
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          <isin value="US86562MEJ53"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
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        <cusip>05348BD77</cusip>
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        <valUSD>854336.69000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <cusip>46647PEP7</cusip>
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        <curCd>USD</curCd>
        <valUSD>745043.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Cno Global Funding</name>
        <lei>6354008GTNR4833ULD48</lei>
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        <cusip>18977W2G4</cusip>
        <identifiers>
          <isin value="US18977W2G46"/>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2027-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Royal Bank of Canada New York Branch</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Merck &amp; Co., Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MRK F 03/15/29</title>
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          <couponKind>Floating</couponKind>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <invCountry>CA</invCountry>
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        <name>Broadcom Inc</name>
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        <title>AVGO 5.05 07/12/27</title>
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        <name>Salesforce Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>CRM 4.5 03/15/28</title>
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        <name>Airbnb Inc</name>
        <lei>549300HMUDNO0RY56D37</lei>
        <title>ABNB 4.4 03/16/29</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2029-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO F 01/27/29</title>
        <cusip>06368MJH8</cusip>
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        <balance>850000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>Alimentation Couche-Tard Inc. 0% CP 10/04/2026</title>
        <cusip>01626VDA8</cusip>
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          <isin value="US01626VDA89"/>
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        <curCd>USD</curCd>
        <valUSD>958916.64000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Macquarie Bank Ltd.</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>MQGAU F 02/03/28 144A</title>
        <cusip>55608PCA0</cusip>
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          <isin value="US55608PCA03"/>
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        <balance>645000.00000000</balance>
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        <valUSD>643904.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15643400</annualizedRt>
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      <invstOrSec>
        <name>BMW US Capital, LLC</name>
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        <title>BMW F 08/13/27 144A</title>
        <cusip>05565ECT0</cusip>
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          <isin value="US05565ECT01"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500866.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-13</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD F 01/31/28</title>
        <cusip>89115A3F7</cusip>
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          <isin value="US89115A3F76"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>672685.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.50484200</annualizedRt>
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      <invstOrSec>
        <name>Rio Tinto Finance (USA) plc</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>RIOLN F 03/14/28</title>
        <cusip>76720AAY2</cusip>
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          <isin value="US76720AAY29"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140865.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.53101760</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB (publ)</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>SEB F 03/05/27 144A</title>
        <cusip>830505BA0</cusip>
        <identifiers>
          <isin value="US830505BA07"/>
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        <balance>501000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>503009.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56735960</annualizedRt>
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      <invstOrSec>
        <name>Caixabank S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CABKSM V4.634 07/03/29 144A</title>
        <cusip>12803RAK0</cusip>
        <identifiers>
          <isin value="US12803RAK05"/>
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        <balance>1032000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1033906.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63400000</annualizedRt>
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      <invstOrSec>
        <name>Nordea Bank ABP</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>NDAFH F 03/17/28 144A</title>
        <cusip>65558RAM1</cusip>
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          <isin value="US65558RAM16"/>
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        <balance>605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>606623.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33008000</annualizedRt>
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        <name>Veralto Corp.</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>VLTO 5.5 09/18/26</title>
        <cusip>92338CAB9</cusip>
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          <isin value="US92338CAB90"/>
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        <balance>497000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499122.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>NACN F 07/02/27</title>
        <cusip>63307A2Z7</cusip>
        <identifiers>
          <isin value="US63307A2Z76"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250351.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.66008000</annualizedRt>
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        <name>American Honda Finance Corporation</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>HNDA F 03/03/28</title>
        <cusip>02665WFW6</cusip>
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          <isin value="US02665WFW64"/>
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        <balance>490000.00000000</balance>
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        <valUSD>489598.01000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <name>PNC Bank National Association Pittsburgh Pennsylvania</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
        <title>PNC V4.429 07/21/28</title>
        <cusip>69353RFZ6</cusip>
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          <isin value="US69353RFZ64"/>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.42900000</annualizedRt>
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        <name>Daimler Trucks Finance North America LLC</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DTRGR 4.15 01/12/29 144A</title>
        <cusip>233853BK5</cusip>
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          <isin value="US233853BK59"/>
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        <balance>150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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        <name>Truist Bank (North Carolina)</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>TFC F 07/24/28 BKNT</title>
        <cusip>89788JAG4</cusip>
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        <balance>915000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.43768760</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC F 02/04/28 MTN</title>
        <cusip>06051GKH1</cusip>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75614000</annualizedRt>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANBNK V5.427 03/01/28 144A</title>
        <cusip>23636ABG5</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66 0% CP 08/04/2026</title>
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        <curCd>USD</curCd>
        <valUSD>264763.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-08</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Cargill Inc.</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>CARGIL F 02/11/28 144A</title>
        <cusip>141781CC6</cusip>
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          <isin value="US141781CC68"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450520.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-11</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA F 01/12/28 B</title>
        <cusip>89236TPG4</cusip>
        <identifiers>
          <isin value="US89236TPG49"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249813.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.08008000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>ISPIM 3.875 07/14/27</title>
        <cusip>46115HBB2</cusip>
        <identifiers>
          <isin value="US46115HBB24"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>804359.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK F 07/21/28</title>
        <cusip>06406RBY2</cusip>
        <identifiers>
          <isin value="US06406RBY27"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220266.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.49651880</annualizedRt>
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      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>ATDBCN 4.148 09/29/28 144A</title>
        <cusip>01626PAW6</cusip>
        <identifiers>
          <isin value="US01626PAW68"/>
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        <balance>410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>407110.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>U.S. Bank National Association</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>USB F 10/22/27</title>
        <cusip>90331HPQ0</cusip>
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          <isin value="US90331HPQ01"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300161.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.35589560</annualizedRt>
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      <invstOrSec>
        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>D 4.6 05/15/28</title>
        <cusip>25746UDY2</cusip>
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        <balance>205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205678.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System, Inc. 0% CP 08/04/2026</title>
        <cusip>78355BD82</cusip>
        <identifiers>
          <isin value="US78355BD825"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>394651.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-08</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CM F 09/11/27</title>
        <cusip>13607PHU1</cusip>
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          <isin value="US13607PHU12"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600532.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANBNK 4.375 06/12/28 144A</title>
        <cusip>23636AAR2</cusip>
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          <isin value="US23636AAR23"/>
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        <curCd>USD</curCd>
        <valUSD>429221.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Extra Space Storage LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP 0% CP 21/04/2026</title>
        <cusip>30227QDM5</cusip>
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          <isin value="US30227QDM50"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-21</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 4.875 04/01/28</title>
        <cusip>00774MBN4</cusip>
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        <invCountry>IE</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>CAT F 02/23/29</title>
        <cusip>14913UBK5</cusip>
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        <name>Enel Finance America LLC</name>
        <lei>549300EGNLVUJX1DEC60</lei>
        <title>Enel Finance America LLC 0% CP 27/04/2026</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-27</maturityDt>
          <couponKind>None</couponKind>
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        <name>U.S. Bank National Association</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
        <title>USB V4.507 10/22/27</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50700000</annualizedRt>
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        <name>Societe Generale S.A.</name>
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        <name>WEC Energy Group Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>ERAC USA Finance LLC</name>
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        <name>Phillips 66</name>
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        <name>Commonwealth Bank of Australia</name>
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        <name>Nationwide Building Society</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <name>American Honda Finance Corporation</name>
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        <title>HNDA F 10/22/27 GMTN</title>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Skandinaviska Enskilda Banken AB (publ)</name>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 5.45 09/15/26</title>
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        <invCountry>US</invCountry>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BBVASM 4.15 03/03/29</title>
        <cusip>05946KAT8</cusip>
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        <invCountry>ES</invCountry>
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          <maturityDt>2029-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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        <name>Truist Financial Corp.</name>
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        <name>Banco Santander SA</name>
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        <name>National Australia Bank Ltd.</name>
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        <name>AvalonBay Communities, Inc.</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>ABN AMRO Bank N.V.</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>Deutsche Bank AG New York Branch</name>
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        <name>Hyatt Hotels Corporation</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>Macquarie Group Ltd.</name>
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        <name>Institutional Fidu</name>
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        <name>Volkswagen Group of America Finance LLC</name>
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        <name>Athene Global Funding</name>
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        <name>Air Lease Corporation</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>Extra Space Storage LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <balance>980000.00000000</balance>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-09</maturityDt>
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          <annualizedRt>4.28200000</annualizedRt>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>ANZ F 07/16/27 144A</title>
        <cusip>05252ADL2</cusip>
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        <balance>445000.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth Bank of Australia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 4 04/15/28 X</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada 0% CP 06/04/2026</title>
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        <balance>500000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-06</maturityDt>
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        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCEGP 3.5 10/23/27 144A</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc. 0% CP 17/04/2026</title>
        <cusip>65478KDH1</cusip>
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        <name>Northwestern Mutual Global Funding</name>
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        <title>NWMLIC F 08/25/28 144A</title>
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        <name>Metropolitan Life Global Funding I</name>
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        <title>MET F 08/25/28 144A</title>
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        <name>Protective Life Global Funding</name>
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        <title>PROTLI F 04/10/26 144A</title>
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        <name>Amazon.com, Inc.</name>
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        <title>AMZN 3.85 03/13/28</title>
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        <name>Bank of America Corp.</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Georgia-Pacific LLC</name>
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        <name>Amphenol Corporation</name>
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          <maturityDt>2027-11-15</maturityDt>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>INTESA SANPAOLO SPA NEW YORK BRANCH</name>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-19</maturityDt>
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        <name>Essex Portfolio Lp</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESS 3.375 04/15/26</title>
        <cusip>29717PAQ0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>B.A.T. Capital Corporation</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BATSLN 3.215 09/06/26</title>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD F 01/13/28 F</title>
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        <name>Gallagher Aj &amp;Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>AJG 4.6 12/15/27</title>
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          <couponKind>Fixed</couponKind>
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        <name>Citibank, N.A.</name>
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        <name>American Tower Corporation</name>
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        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA F 08/07/26</title>
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        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP V4.351 07/20/29</title>
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        <name>Oneok Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>OKE 5.55 11/01/26</title>
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        <name>WEC Energy Group Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC 5.6 09/12/26</title>
        <cusip>92939UAM8</cusip>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY F 10/18/27 GMTN</title>
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      <invstOrSec>
        <name>Metropolitan Life Global Funding I</name>
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      <invstOrSec>
        <name>Extra Space Storage LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Chevron USA Inc</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
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          <isin value="US166756BM73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-13</maturityDt>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE 4.95 07/01/27</title>
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          <isin value="US233331BM83"/>
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        <balance>840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>845642.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>ISPIM 3.875 01/12/28</title>
        <cusip>46115HBD8</cusip>
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          <isin value="US46115HBD89"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197956.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCEGP V6.714 10/19/29 144A</title>
        <cusip>05571AAR6</cusip>
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          <isin value="US05571AAR68"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319108.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Realty Income Corporation</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>O 4.875 06/01/26</title>
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          <isin value="US756109BF09"/>
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        <balance>553000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>553099.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>U.S. Bank National Association</name>
        <lei>6BYL5QZYBDK8S7L73M02</lei>
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        <cusip>90331HPT4</cusip>
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        <curCd>USD</curCd>
        <valUSD>326318.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Canadian Pacific Railway Company</name>
        <lei>54930036474DURYNB481</lei>
        <title>CP 4 03/15/29</title>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187971.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <balance>270000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-26</maturityDt>
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        <name>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>GP 4.4 06/30/28 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2028-06-30</maturityDt>
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        <name>The Charles Schwab Corporation</name>
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          <isin value="US8085A3G829"/>
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          <couponKind>None</couponKind>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc. 0% CP 06/04/2026</title>
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        <name>Banque Federative du Credit Mutuel</name>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY F 11/03/28 1</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AutoNation, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>B.A.T. International Finance PLC</name>
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        <cusip>05531ND11</cusip>
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        <balance>1015000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>OC 5.5 06/15/27</title>
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          <isin value="US690742AN12"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>212560.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc 0% CP 06/04/2026</title>
        <cusip>45856XD61</cusip>
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          <isin value="US45856XD610"/>
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        <balance>515000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-06</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>CAT F 11/15/27</title>
        <cusip>14913UAT7</cusip>
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          <isin value="US14913UAT79"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600712.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Southern Company Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>SO 4.05 09/15/28 A</title>
        <cusip>8426EPAJ7</cusip>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS F 02/02/30</title>
        <cusip>06418GAX5</cusip>
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          <isin value="US06418GAX51"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>379393.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-02</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>KDP 5.1 03/15/27 *</title>
        <cusip>49271VAW0</cusip>
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        <balance>111000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111464.01000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP F 02/16/28</title>
        <cusip>025816DQ9</cusip>
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          <isin value="US025816DQ99"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1003049.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-16</maturityDt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V7.149 10/29/27</title>
        <cusip>14040HDB8</cusip>
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        <balance>800000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Marsh &amp; McLennan Companies, Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>MRSH F 11/08/27</title>
        <cusip>571748BZ4</cusip>
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        <invCountry>US</invCountry>
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        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>The Charles Schwab Corporation 0% CP 08/05/2026</title>
        <cusip>8085A3E84</cusip>
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          <isin value="US8085A3E840"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH F 03/06/28 144A</title>
        <cusip>04685A4M0</cusip>
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        <invCountry>US</invCountry>
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        <name>Protective Life Global Funding</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>PROTLI 4.335 09/13/27 144A</title>
        <cusip>74368CBZ6</cusip>
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        <name>New York Life Global Funding</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
        <title>NYLIFE F 07/25/28 144A</title>
        <cusip>64953BCA4</cusip>
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        <balance>370000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NWG V5.583 03/01/28</title>
        <cusip>639057AL2</cusip>
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        <balance>1200000.00000000</balance>
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        <valUSD>1212025.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.58300000</annualizedRt>
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        <name>AT&amp;T Inc</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Keurig Dr Pepper Inc</name>
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        <name>Mars Inc.</name>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>GS F 05/21/27</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-21</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>The Kroger Co.</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA NEW YORK BRANCH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-23</maturityDt>
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        <name>B.A.T. Capital Corporation</name>
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        <title>BATSLN 4.7 04/02/27</title>
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        <name>Honeywell Aerospace Inc.</name>
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        <title>HONA 3.9 03/16/28 144A</title>
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        <name>Enel Finance America LLC</name>
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        <name>Boeing Co.</name>
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        <name>Pfizer Inc.</name>
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        <title>PFE F 11/15/27</title>
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        <name>DEUTSCHE BANK AG NEW YORK BRANCH</name>
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        <name>UBS AG Stamford Branch</name>
        <lei>254900R882POXXVAK772</lei>
        <title>UBS V4.864 01/10/28</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD F 10/13/28</title>
        <cusip>89115KAF7</cusip>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>470984.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deutsche Bank AG New York Branch</name>
        <lei>N/A</lei>
        <title>DB V7.146 07/13/27</title>
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          <isin value="US25160PAN78"/>
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        <balance>653000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>657444.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.14600000</annualizedRt>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC F 01/26/29</title>
        <cusip>693475CH6</cusip>
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          <isin value="US693475CH64"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.28575680</annualizedRt>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
        <title>PSX 3.55 10/01/26</title>
        <cusip>718547AF9</cusip>
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          <isin value="US718547AF91"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149576.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Extra Space Storage LP</name>
        <lei>549300YNKSKNZFR8UC42</lei>
        <title>Extra Space Storage LP 0% CP 01/04/2026</title>
        <cusip>30227QD11</cusip>
        <identifiers>
          <isin value="US30227QD110"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339962.77000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>INTNED F 09/11/27</title>
        <cusip>456837BJ1</cusip>
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          <isin value="US456837BJ19"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004520.72000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.22671760</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS F 06/13/29</title>
        <cusip>539439BC2</cusip>
        <identifiers>
          <isin value="US539439BC29"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351502.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.71741840</annualizedRt>
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      <invstOrSec>
        <name>COOPERATIEVE RABOBANK UA NEW YORK BRANCH</name>
        <lei>N/A</lei>
        <title>RABOBK F 01/14/28</title>
        <cusip>21688ABS0</cusip>
        <identifiers>
          <isin value="US21688ABS06"/>
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        <balance>255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>255253.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.07596680</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABNANV V6.339 09/18/27 144A</title>
        <cusip>00084DBA7</cusip>
        <identifiers>
          <isin value="US00084DBA72"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>706020.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.33900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Caixabank S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CABKSM V6.684 09/13/27 144A</title>
        <cusip>12803RAB0</cusip>
        <identifiers>
          <isin value="US12803RAB06"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009406.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.68400000</annualizedRt>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BALN 5 03/26/27 144A</title>
        <cusip>05523RAH0</cusip>
        <identifiers>
          <isin value="US05523RAH03"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201353.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>NWIDE F 02/16/28 144A</title>
        <cusip>63861VAG2</cusip>
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          <isin value="US63861VAG23"/>
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        <balance>845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>848348.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.97715840</annualizedRt>
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        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NAB F 06/13/28 144A</title>
        <cusip>632525CL3</cusip>
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          <isin value="US632525CL33"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371112.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.30662600</annualizedRt>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc 0% CP 10/04/2026</title>
        <cusip>45856XDA2</cusip>
        <identifiers>
          <isin value="US45856XDA28"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454494.95000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Daimler Trucks Finance North America LLC</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DTRGR 4.3 08/12/27 144A</title>
        <cusip>233853BG4</cusip>
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          <isin value="US233853BG48"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>309499.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline L.P. 0% CP 07/04/2026</title>
        <cusip>72650XD71</cusip>
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          <isin value="US72650XD712"/>
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        <curCd>USD</curCd>
        <valUSD>454649.65000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>ES 4.75 05/15/26</title>
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        <balance>390000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Bank (North Carolina)</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>TFC V4.42 07/24/28 BKNT</title>
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        <name>New York Life Global Funding</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Novartis Capital Corporation</name>
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          <maturityDt>2029-03-16</maturityDt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61747YFN0</cusip>
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        <balance>680000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-04-13</maturityDt>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS F 06/04/27 GMTN</title>
        <cusip>06418GAG2</cusip>
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          <isin value="US06418GAG29"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>602008.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-04</maturityDt>
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        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66 0% CP 10/04/2026</title>
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        <balance>310000.00000000</balance>
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        <valUSD>309653.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Honeywell Aerospace Inc.</name>
        <lei>213800ZUAQRBYL67JS90</lei>
        <title>HONA F 03/16/29 144A</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-03-16</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <name>Massmutual Global Funding II</name>
        <lei>549300K1IE3K7YU6VG29</lei>
        <title>MASSMU F 04/09/27 144A</title>
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        <name>Air Lease Corporation</name>
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        <name>Mizuho Markets Cayman LP</name>
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        <name>Mondelez International Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>MDLZ 4.125 05/07/28</title>
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        <name>NiSource Inc.</name>
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        <name>SUMITOMO MITSUI BANKING CORP NEW YORK BRANCH</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TARGA RESOURCES 0426</name>
        <lei>N/A</lei>
        <title>TARGA RESOURCES 0426</title>
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      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mondelez International Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>MDLZ 4.25 05/06/28</title>
        <cusip>609207BF1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>ACAFP 5.589 07/05/26 144A</title>
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          <isin value="US22534PAE34"/>
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        <balance>500000.00000000</balance>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-05</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V6.312 06/08/29</title>
        <cusip>14040HCZ6</cusip>
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          <isin value="US14040HCZ64"/>
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        <balance>578000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>597995.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BMW US Capital, LLC</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
        <title>BMW F 03/21/28 144A</title>
        <cusip>05565ECX1</cusip>
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        <balance>863000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>865728.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.56598440</annualizedRt>
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      <invstOrSec>
        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>Penske Truck Leasing Co LP / PTL Finance Corp. 0% CP 09/04/2026</title>
        <cusip>70962BD92</cusip>
        <identifiers>
          <isin value="US70962BD925"/>
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        <balance>845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>844137.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD 5.523 07/17/28 MTN</title>
        <cusip>89115A2U5</cusip>
        <identifiers>
          <isin value="US89115A2U52"/>
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        <balance>245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251101.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.52300000</annualizedRt>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 3.55 05/01/27</title>
        <cusip>65339KAT7</cusip>
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          <isin value="US65339KAT79"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99152.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>ANZ F 06/18/28 144A</title>
        <cusip>05252ADS7</cusip>
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          <isin value="US05252ADS78"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371163.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.33718280</annualizedRt>
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      <invstOrSec>
        <name>Mid-America Apartments, L.P.</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>Mid-America Apartments, L.P. 0% CP 06/04/2026</title>
        <cusip>59524PD61</cusip>
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          <isin value="US59524PD613"/>
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        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>734512.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITR F 09/10/27 144A</title>
        <cusip>86563VBW8</cusip>
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          <isin value="US86563VBW81"/>
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        <balance>685000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>689733.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO F 09/22/28</title>
        <cusip>06368MXW9</cusip>
        <identifiers>
          <isin value="US06368MXW99"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>675171.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.39598520</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL F 08/03/28</title>
        <cusip>68389XCX1</cusip>
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          <isin value="US68389XCX12"/>
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        <balance>485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>477978.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.39556400</annualizedRt>
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      <invstOrSec>
        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA Inc. 0% CP 01/04/2026</title>
        <cusip>40412DD14</cusip>
        <identifiers>
          <isin value="US40412DD148"/>
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        <balance>1189000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1188863.74000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.707 04/22/28 MTN</title>
        <cusip>95000U3L5</cusip>
        <identifiers>
          <isin value="US95000U3L56"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70700000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Bank, National Association (Utah)</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
        <title>MS F 07/14/28 BKNT</title>
        <cusip>61690U8D5</cusip>
        <identifiers>
          <isin value="US61690U8D59"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500469.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.57000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>EPD 4.3 06/20/28</title>
        <cusip>29379VCJ0</cusip>
        <identifiers>
          <isin value="US29379VCJ08"/>
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        <balance>155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155236.64000000</valUSD>
        <pctVal>0.066768991018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NiSource Inc.</name>
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        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>AT&amp;T Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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        <name>BNP Paribas SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-13</maturityDt>
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        <name>Intercontinental Exchange Inc</name>
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        <cusip>45856XD20</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-02</maturityDt>
          <couponKind>None</couponKind>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
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        <title>SUMIBK F 07/13/26</title>
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        <balance>500000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Illumina Inc</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <invCountry>AU</invCountry>
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        <name>Wisconsin Electric Power Company</name>
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        <name>WEC Energy Group Inc.</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>WFC F 01/24/28</title>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT F 08/03/26</title>
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        <invCountry>US</invCountry>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WSTP F 10/20/26 GMTN</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Bank, National Association (Utah)</name>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <cusip>09659W2C7</cusip>
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        <balance>1072000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP 0% CP 06/04/2026</title>
        <cusip>82880XD64</cusip>
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          <isin value="US82880XD648"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249835.13000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Company Inc 0% CP 07/08/2026</title>
        <cusip>37046UH79</cusip>
        <identifiers>
          <isin value="US37046UH797"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246210.10000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Life Global Funding I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>MET 4.15 08/25/28 144A</title>
        <cusip>592179KR5</cusip>
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          <isin value="US592179KR57"/>
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        <balance>474000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>472686.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands Inc 0% CP 01/04/2026</title>
        <cusip>20600HD19</cusip>
        <identifiers>
          <isin value="US20600HD192"/>
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        <balance>1160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1159866.60000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mizuho Markets Cayman LP</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>MIZUHO F 05/01/26 MTN</title>
        <cusip>60700JDE2</cusip>
        <identifiers>
          <isin value="US60700JDE29"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>270000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.22687160</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V4.623 05/09/29</title>
        <cusip>06051GMT3</cusip>
        <identifiers>
          <isin value="US06051GMT30"/>
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        <balance>243000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244082.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62300000</annualizedRt>
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        <name>Bayer Corporation</name>
        <lei>54930050NR9YMICYZM28</lei>
        <title>Bayer Corporation 0% CP 09/12/2026</title>
        <cusip>07273MM94</cusip>
        <identifiers>
          <isin value="US07273MM949"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485456.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANBNK V4.662 03/27/29 144A</title>
        <cusip>23636ABM2</cusip>
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        <curCd>USD</curCd>
        <valUSD>270640.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Protective Life Global Funding</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>PROTLI 4.161 01/15/29 144A</title>
        <cusip>74368CCD4</cusip>
        <identifiers>
          <isin value="US74368CCD48"/>
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        <balance>620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>613945.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.16100000</annualizedRt>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C F 05/07/28</title>
        <cusip>172967PY1</cusip>
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        <balance>350000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
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        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>SHBASS 5.5 06/15/28 144A</title>
        <cusip>86959LAP8</cusip>
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        <balance>250000.00000000</balance>
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        <valUSD>255405.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>AVIATION CAPITAL 0426</name>
        <lei>N/A</lei>
        <title>AVIATION CAPITAL 0426</title>
        <cusip>05369CD12</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMZN F 03/13/29</title>
        <cusip>023135DA1</cusip>
        <identifiers>
          <isin value="US023135DA13"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>530382.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.22000000</annualizedRt>
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      <invstOrSec>
        <name>GA Global Funding Trust</name>
        <lei>54930029I8ROQ4OROZ88</lei>
        <title>GBLATL 4.4 09/23/27 144A</title>
        <cusip>36143L2N4</cusip>
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          <isin value="US36143L2N47"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>735544.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 4.4 03/15/27</title>
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      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-26</maturityDt>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-11</maturityDt>
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      <invstOrSec>
        <name>Aegon Funding Company LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON 5.5 04/16/27 144A</title>
        <cusip>00775VAA2</cusip>
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          <isin value="US00775VAA26"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK V4.441 06/09/28</title>
        <cusip>06406RCH8</cusip>
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          <isin value="US06406RCH84"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185283.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.44100000</annualizedRt>
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      <invstOrSec>
        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH 4.95 01/07/27 144A</title>
        <cusip>04685A4E8</cusip>
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          <isin value="US04685A4E88"/>
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        <balance>561000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>562678.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Company Inc 0% CP 05/05/2026</title>
        <cusip>37046UE56</cusip>
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          <isin value="US37046UE562"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-05</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 4.375 11/01/27</title>
        <cusip>718172DM8</cusip>
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          <isin value="US718172DM83"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>401123.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Mid-America Apartments, L.P.</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>Mid-America Apartments, L.P. 0% CP 15/04/2026</title>
        <cusip>59524PDF1</cusip>
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          <isin value="US59524PDF18"/>
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        <balance>1195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1193009.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lowes Companies, Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOW 3.95 10/15/27</title>
        <cusip>548661ET0</cusip>
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        <balance>457000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS F 04/12/29</title>
        <cusip>61747YFW0</cusip>
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          <isin value="US61747YFW03"/>
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        <balance>730000.00000000</balance>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>Penske Truck Leasing Co LP / PTL Finance Corp. 0% CP 17/04/2026</title>
        <cusip>70962BDH4</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Agree LP</name>
        <lei>549300DXY3G299V1BO77</lei>
        <title>Agree LP 0% CP 09/04/2026</title>
        <cusip>00852XD94</cusip>
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          <isin value="US00852XD943"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-09</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Brown &amp; Brown Inc</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>BRO 4.6 12/23/26</title>
        <cusip>115236AH4</cusip>
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          <isin value="US115236AH45"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-12-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR F 06/24/27 144A</title>
        <cusip>44891ADE4</cusip>
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          <isin value="US44891ADE47"/>
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        <balance>687000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-24</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>ACAFP F 03/11/27 144A</title>
        <cusip>22534PAJ2</cusip>
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          <isin value="US22534PAJ21"/>
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        <balance>356000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2027-03-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.51851120</annualizedRt>
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      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>Alimentation Couche-Tard Inc. 0% CP 09/04/2026</title>
        <cusip>01626VD91</cusip>
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          <isin value="US01626VD910"/>
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        <balance>415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414578.61000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System, Inc. 0% CP 02/04/2026</title>
        <cusip>78355BD25</cusip>
        <identifiers>
          <isin value="US78355BD254"/>
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        <balance>1125000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group Inc.</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR F 03/12/28</title>
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          <isin value="US06738ECQ61"/>
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        <balance>218000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>219543.61000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-12</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM F 04/22/28 .</title>
        <cusip>46647PEF9</cusip>
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          <isin value="US46647PEF99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501643.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>BFCM F 10/16/28 144A</title>
        <cusip>06675DCQ3</cusip>
        <identifiers>
          <isin value="US06675DCQ34"/>
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        <balance>458000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>459728.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.64624280</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER 2.45 10/29/26</title>
        <cusip>00774MAV7</cusip>
        <identifiers>
          <isin value="US00774MAV72"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593486.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS V6.327 12/22/27 144A</title>
        <cusip>225401BC1</cusip>
        <identifiers>
          <isin value="US225401BC11"/>
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        <balance>315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319216.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.32700000</annualizedRt>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM F 04/28/28</title>
        <cusip>718172DS5</cusip>
        <identifiers>
          <isin value="US718172DS53"/>
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        <balance>948000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>947459.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.52350440</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Mercedes-Benz Finance North America LLC</name>
        <lei>549300423Z16BB673J12</lei>
        <title>MBGGR 4.75 08/01/27 144A</title>
        <cusip>58769JAU1</cusip>
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          <isin value="US58769JAU16"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>804465.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>LEN 5.25 06/01/26</title>
        <cusip>526057CT9</cusip>
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          <isin value="US526057CT92"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750406.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Haleon US Capital LLC.</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>HLNLN 3.375 03/24/27</title>
        <cusip>36264FAK7</cusip>
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          <isin value="US36264FAK75"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>307078.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>DE F 09/11/28 MTN</title>
        <cusip>24422EYG8</cusip>
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          <isin value="US24422EYG87"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>360520.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.24704960</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C F 03/04/29</title>
        <cusip>17327CAX1</cusip>
        <identifiers>
          <isin value="US17327CAX11"/>
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        <balance>1047000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047433.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.55690160</annualizedRt>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc 0% CP 13/04/2026</title>
        <cusip>49271KDD3</cusip>
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          <isin value="US49271KDD37"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-13</maturityDt>
          <couponKind>None</couponKind>
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        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>INTNED V4.858 03/25/29</title>
        <cusip>456837BQ5</cusip>
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          <isin value="US456837BQ51"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85800000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>5493006LL0CKP8WQW329</lei>
        <title>ET 3.9 07/15/26</title>
        <cusip>86765BAT6</cusip>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209782.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Alimentation Couche-Tard Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ANZ NEW ZEALAND (INT'L) LTD LONDON BRANCH</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Santander UK Group Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <title>SUMITR F 09/11/28 144A</title>
        <cusip>86563VCC1</cusip>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-11</maturityDt>
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        <name>Ameren Corp.</name>
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        <name>Broadcom Inc</name>
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          <couponKind>Fixed</couponKind>
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        <name>American Tower Corporation</name>
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        <name>O'Reilly Automotive Inc.</name>
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        <name>CVS Health Corp</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>John Deere Capital Corp.</name>
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        <name>Swedbank AB (publ)</name>
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        <title>SWEDA 5.337 09/20/27 144A</title>
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        <name>NextEra Energy Capital Holdings Inc</name>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM F 10/27/28</title>
        <cusip>718172EB1</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN F 02/19/27 144A</title>
        <cusip>83368RCA8</cusip>
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          <isin value="US83368RCA86"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-19</maturityDt>
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      <invstOrSec>
        <name>Amphenol Corporation</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>APH 4.375 06/12/28</title>
        <cusip>032095AT8</cusip>
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          <isin value="US032095AT89"/>
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        <valUSD>436349.36000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <cusip>49271KDP6</cusip>
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          <isin value="US49271KDP66"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V3.196 06/17/27 MTN</title>
        <cusip>95000U2F9</cusip>
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          <isin value="US95000U2F97"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249296.05000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.19600000</annualizedRt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>LLY F 10/15/28</title>
        <cusip>532457DA3</cusip>
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          <isin value="US532457DA39"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>601064.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.16008000</annualizedRt>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH 4.86 08/27/26 144A</title>
        <cusip>04685A4A6</cusip>
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          <isin value="US04685A4A66"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500847.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-27</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
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        <balance>460000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Boston Properties LP</name>
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        <title>BXP 2.75 10/01/26</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>Huntington National Bank Maryland</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>HBAN F 04/12/28</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37642640</annualizedRt>
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        <name>McCormick &amp; Company, Incorporated</name>
        <lei>549300JQQA6MQ4OJP259</lei>
        <title>MKC 4.15 02/15/29</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPM F 10/22/28</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Swedbank AB (publ)</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDA 6.136 09/12/26 144A</title>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Svenska Handelsbanken AB</name>
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        <title>SHBASS F 05/28/27 144A</title>
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        <name>ENEL Finance International N.V.</name>
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        <title>ENELIM 4.125 09/30/28 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP F 04/25/29</title>
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          <isin value="US025816EE50"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
